Complaints have been made that there is not a clear and complete record of the number of companies benefiting from special tax regimes.
It is estimated that there are approximately 3,000 taxpayers who fall under the tax exemptions regime, either totally or partially. However, this data has not been confirmed by the Superintendency of Tax Administration, even though it had to submit its first report in 2014, according to the rule which came into effect in November 2013.
Being called into question is the establishment of a reduction of income tax payments when calculating as a deductible expense extra benefits given by companies to their employees .
The accusations were made by some MPs who met with the acting head of the Superintendency of Tax Administration (SAT), Omar Franco and Deputy Minister of Finance Durval Carias. During the meeting, the congressmen noted that the initiative "contains 27 articles that attempt to reform the Tax Update Act, in which there are modifications to reduce and exempt from taxes as well as formal errors in the writing", reported Lahora.com.gt.
In Guatemala and proposals arising from the recently passed amendment to the Communications Act, which extended radio concessions for 20 years.
In light of the act coming into effect, deputies in the Transparency Commission are preparing a bill relating to the issue of transparency, Deputy Carlos Barreda, a member of the panel, said "We must establish that the usufruct be delivered through an auction or implement a public payment for its renewal. "
The New State Purchases Law would increase the limit in direct purchases from $3,700 to $9,300
Additionally, the Comptroller General of Accounts is proposing that the direct purchase process should be done with a bidding stage. Carlos Menco, head of the Comptroller's Office, told the Periódico of Guatemala that "the proposal is for a bid to be published on the website for such acquisitions, but the competition should not go through the same terms as a tender."
The Guatemalan Government will collect $494 million less in taxes in 2009 and the national budget could be reduced to $5.562 billion.
It was reported in the Prensa Libre website: "To meet the revenue decline for the budget, the government is already prepared with four scenarios: the first would be to reduce public spending, the second to search for internal or external credit, the third to increase revenues via taxes, and the fourth could be a combination of the previous three."
The firm currently provides services to individual and corporate clients in Panama as well in the Americas, Europe and Asia. Its partners maintain a commitment with professional ethics and social responsibility by participating in the board of directors of groups such as the Panama Bar Association, the German Chamber of Commerce and the American Chamber of Commerce (AMCHAM) of Panama.
Operates in Panama
Phone: (507) 3406447
More than a Law Firm. Lex Counsel & Co. is a business ally, an integral adviser and a support team for all our client’s needs. We established our firm to offer high quality services both at national and international level, under a renewed professional proposal, endorsed on standards that guarantee options abilities, personal and permanent contact and quality results on every transaction we intervene.
Operates in Panama
Phone: (507) 366 6400 - (507) 366 6401
Chicas Vilchez & Ruiz is a professional finance and accounting firm providing Auditing, Consulting, Outsourcing, and Tax services in El Salvador, Central America and the United States.
Operates in El Salvador, Costa Rica, Guatemala, Panama, Honduras and Nicaragua
Phone: (503) 2264 8069